CoreLogic: Home Prices Soared in April

CoreLogic's April home price index showed a 12.1% jump year-over-year.

Home prices, including distressed sales, jumped 12.1% between April 2012 and April 2013, the largest jump in seven years, according to a report released today by research firm CoreLogic(NYSE:CLGX).

After removing the impact of distressed sales, every state in the U.S. recorded home price gains in April, the report indicates, led by Nevada, California, Arizona, Hawaii, and Oregon.

Regarding the states with the greatest price improvements, CoreLogic Chief Economist Mark Fleming commented, "Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 percent or more."

Compared to March of 2013, U.S. home prices jumped 3.2% in April, only the fifth time in eight years the market has experienced month-over-month increases of 2% or higher, all of which have occurred in the last year, according to CoreLogic.

Even with the recent gains, average home prices nationally remain 22.4% below April, 2006's peak. However, CoreLogic expects another significant improvement when the results of May's home sales data are reported, predicting a 12.5% improvement compared to May 2012, and a 2.7% increase month-over-month.

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Tim has been writing professionally for several years after spending 18 years (Whew! Was it that long?)in both the retail and institutional side of the financial services industry. Tim resides in Portland, Oregon with his three children and the family dog.